EUR/USD treading water near 1.1030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency is now trading in a consolidative pattern ahead of the US docket on Monday, with EUR/USD gyrating around 1.1035/30 so far.

    EUR/USD attention to US calendar

    Spot remains on the positive territory so far, trading in a narrow range around 1.1030 after briefly testing daily lows in the vicinity of the psychological support at 1.1000 in early trade.

    Mixed results from October’s manufacturing PMIs in the region have failed to ignite a more durable reaction in the pair, which now remains vulnerable to the USD dynamics via the releases of the ISM Manufacturing and Markit’s Manufacturing PMI.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.19% at 1.1027 and a break above 1.1099 (7-month uptrend prev. support now resistance) would target 1.1153 (100-day sma) en route to 1.1206 (61.8% Fibo of 1.1712-1.0894). On the other hand, the initial support lines up at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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